The number of crypto mining companies in Russia is expanding and has increased 15% in 2018 alone in positive news for the mining industry. As many nations clamp down on crypto mining, a new report has shown it isn’t all doom and gloom for crypto miners.
The new findings have shown that the amount of crypto mining companies in Russia has increased as more locals own crypto than ever before.
Crypto mining companies in Russia on the rise
The findings regarding the increase in activity from crypto mining companies in Russia came from a new report from the nation’s crypto and blockchain association, which also noted that delaying the integration of digital currency is costing Russia untold trillions of rubles.
According to figures from the Russian Association of Cryptocurrencies and Blockchain (RACIB), in 2018 alone there has been a 15% increase in the number of crypto mining companies across the nation. Due to its vast energy resources, which correlates in cheaper electric than most nations, Russia is potentially the ultimate crypto mining destination in the world.
These new statistics show that the Russian crypto mining scene is rapidly evolving and developing as the number of crypto mining companies in Russia is now over 75,000.
The RACIB president, Yuri Pripachkin, summed it all up nicely when talking to the Prime news agency by saying that “According to the results from the first half of this year, the number of mining enterprises in Russia has increased by 15%, to 75,000. The mining industry already employs 350,000 people. As of July 2018, Russia accounts for about 6% of the world’s mining market, which is 1% more than a year ago, while the US and Canada hold the leading positions.”
The evolving Russian crypto mining industry
Pripachkin detailed the stats in a meeting at the Council on Digital Economy of the Federation Council, which is the upper house of the Russian parliament. He also went on to talk about the not so positive factors for the industry by stating that “digital money is already a given”, and that the delay by Russia to integrate crypto faster “means a loss of investments of up to 1 trillion rubles [more than USD 15 million] a year.”
One thing that cannot be overlooked from the new figures is that crypto mining companies in Russia are forcing the government to act now or to lose money.
As the Russian crypto sector grows, one area that will surely develop is the adoption of comprehensive regulations. In recent weeks, three new crypto bills that aim to legalize transactions have been delayed until the fall session of the Russian parliament. This is the kind of indecision delaying the inevitable from the Russian government that Pripachkin talked about.
Russia has made news in the past as the perfect place for crypto mining with regions such as Siberia offering the ideal conditions for crypto mining companies in Russia. With 70,000 people already employed across the nation’s crypto industry, the increase of crypto mining popularity is set to create even more jobs and opportunities in the sector.